I bought a life insurance for myself over 2 years, but after 2 year i have not pay any premium since then?

Question

but example 5 years later i die , can the benificiary get pay ,but 2 year provision had passed , can the benificary still get pay?

Answer 1

No once you stop paying they do too.

Answer 2

Insurance companies really love to have people stop paying. They never have to pay out on that policy, but they keep the  premiums already paid.

If you go back and want to buy insurance again, it will cost you more than what was quoted originally, because now you are older. If anything happens, like a disease shows up, you will not be covered if that disease shows up while you were not insured.

Some policies have a "late payment provision"... you can be reinstated if your policy is a certain amount overdue, and pay the whole amount missed. The penalty is that should you die while the policy is lapsed, you can not use the late payment provision. Some such policies do not pay  out within 2 years of a lapse, but pay back premiums paid for the whole period.

Answer 3

You don't pay your premiums, you're no longer covered: It's just like home insurance: you stop paying, a month later you get robbed, you get nothing from the insurance (because you haven't paid your coverage).

Answer 4

the only way you could possibly have coverage is if you bought a whole life policy and gave the agent a huge amount of money in an effort to bury money in a life policy.  The insurance company may be tapping the cash value of the policy for the premium.  When the cash value runs out, then your coverage runs out.  if you don't have a cash value policy for them to tap the premium from and you haven't made any payments, you have no coverage, no one collects if you die.

Answer 5

If you've stopped paying your premium, most likely the policy has cancelled.  In which case, it won't pay anyone, anything.  Cancelled policies don't pay out.